Panama

Due to its central location, Panama’s economy is primarily based on a well-developed services sector, which accounts for nearly 83.4% of GDP. Services include the Panama Canal and its associated logistics hub, the Colón Free Trade Zone (CFTZ), banking, insurance, tourism and the international ship registry, health care and other economic sectors.

Since its emergence from the ocean to unite North and South America, Panama has been the preferred crossroad of the Western Hemisphere. During the Spanish colonial period the fairs of Portobelo, located on the country’s Atlantic Coast, were very popular. Merchants from all over both continents visited them to sell and showcase their products. At that time, Panama was...

Panama utilises a territorial taxation system that levies taxes only on operations that take place or that have effects within the country’s territory. Income tax, in particular, is levied only on income that arises from a Panamanian source, regardless of the nationality or residence of the income recipient.

Despite a number of setbacks, Panama’s health care sector has seen significant advancement in recent years. The former administration of Ricardo Martinelli oversaw a period of significant infrastructure expansion, and the country is closer than ever to achieving universal coverage. Elected in May 2014, the current government of Juan Carlos Varela has stated its...

Despite notable achievements in the past decade, including reaching universal coverage at primary level, Panama’s education sector continues to face a number of challenges. Curricular reform introduced in 2010 has increased pertinence and retention rates. At the tertiary level, the strengthening of the accreditation process for universities has also brought about...